How Much Does It Cost to Insure a Chevrolet Corvette?

How Much Does It Cost to Insure a Chevrolet Corvette?

Find Cheap Corvette Insurance Quotes

Currently insured?

The market value for a 2021 Chevrolet Corvette is around $71,850, with average insurance rates of $2,962 a year, or $247 a month. The cheapest widely available insurer for this luxury vehicle is Travelers.

We analyzed average auto insurance rates for the Chevrolet Corvette and its competitors. We also found the cheapest insurer for this particular car. It's important to compare insurance quotes across multiple insurers to find the best insurance rate for your Corvette.

Cheapest insurance company for the Chevrolet Corvette: Travelers

Travelers offers the cheapest auto insurance from nationally available insurers for the Chevrolet Corvette. To insure the 2021 Chevrolet Corvette Stingray, Travelers is $3,575 per year cheaper than Allstate, which is the most expensive large insurer for the Corvette. State Farm is the second-cheapest widely available insurer, costing $28 more a month to insure the 2021 Chevrolet Corvette Stingray 2LT.

This graph shows the cheapest auto insurers for the Chevrolet Corvette.

Find Cheap Corvette Insurance Quotes

Currently insured?

Country Financial, Erie and Texas Farm Bureau have cheaper rates than Travelers, but those companies sell insurance in fewer states. Looking at local insurers is a good way to ensure you get the best deal.

Company
Annual rate
Monthly Rate
Country Financial$1,372$114
Texas Farm Bureau$1,739$145
Erie$1,748$146
Travelers$2,230$186
State Farm$2,562$214
Show All Rows

Corvette insurance for a 20-year-old

A 20-year-old driver pays more than twice as much to insure a Corvette as a 30-year-old, an average of $6,736 per year.

Young drivers already pay more because insurers see them as a greater risk on the road. Combined with the price of Corvettes and the tendency of drivers of sports cars to be less cautious on the road, it can be financially prohibitive to drive a Corvette at that age.

The best way to reduce those expenses is to join a parent's policy. Adding a young driver to a parent's insurance is often less than half as expensive as a standalone policy.

How much is insurance for a Chevrolet Corvette?

On average, the cost to insure a Chevrolet Corvette is $2,962 per year. Insurance rates vary based on model year and vehicle value. Newer models are often more expensive, which is why you see insurance rates steadily increase.

Out of the models analyzed, the 2015 Chevrolet Corvette was the cheapest to insure, at $2,560 per year. This is $728 per year cheaper to insure compared to the 2021 Chevrolet Corvette.

Vehicle
Market value
Average insurance rate
2021 Chevrolet Corvette$71,850$3,288
2020 Chevrolet Corvette$70,850$3,138
2019 Chevrolet Corvette$65,650$3,005
2018 Chevrolet Corvette$65,240$2,748
2017 Chevrolet Corvette$65,200$2,758
2016 Chevrolet Corvette$65,150$2,711
2015 Chevrolet Corvette$60,000$2,560

Insurance rates represent the annual cost of a full-coverage policy for a 30-year-old male driver of a Chevrolet Corvette Stingray 3LT coupe.

Compare Rates

Insurance data for a 2022 Chevrolet Corvette was not available, but insurance for a newer model usually costs more. The value of the Chevrolet Corvette is greatly impacted by the model year and type of trim, which can affect insurance rates.

Expensive trim options may result in higher insurance rates because they're more expensive to replace after a covered incident. However, if the trim offers better safety features, insurance may cost less because the chance of an accident is lower.

How Chevrolet Corvette insurance costs compare to other sports cars

Compared to other types of popular sports cars on the market, the Chevrolet Corvette Stingray's insurance rates are lower than other luxury sports cars. The cost to insure a 2021 Dodge Challenger SRT Hellcat is substantially more expensive, at $3,288 per year, or $697 per year more than the Chevrolet Corvette Stingray.

The Chevrolet Camaro ZL1 is $191 more expensive to insure per year than the Corvette Stingray.

Model
Annual rate
Chevrolet Corvette Stingray 3LT$3,288
Dodge Challenger SRT Hellcat$3,985
Chevrolet Camaro ZL1$3,479

Methodology

Our sample driver was a 30-year-old single man with a clean driving record. Thousands of rates were collected from Illinois, Texas, New York and California. The rates represent the cost of a full-coverage policy, which is outlined below.

Coverage type
Study limits
Bodily injury liability$50,000 per person/$100,000 per accident
Property damage$25,000 per accident
Uninsured/underinsured motorist bodily injury$50,000 per person/$100,000 per accident
Comprehensive and collision$500 deductible

Chevrolet Corvette Stingray average market values were obtained from MSN.com's auto marketplace.

ValuePenguin's analysis used insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes may be different.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.